(Alliance News) - Credit-checking firm Experian PLC has raised its annual outlook after delivering a resilient performance in its first quarter, the company said Thursday.
Total revenue growth was 31% at actual exchange rates and 28% at constant exchange rates in the first quarter ended June 30. Organic revenue growth was 22%, and all regions and segments delivered growth for the period.
The FTSE 100-listed firm said its improved performance was driven by an innovation-led strategy and a faster-than-expected recovery as economies emerge from the Covid-19 pandemic.
Experian said it now expects total revenue growth for the full financial year to March 31 in the range of 13% to 15%, and organic revenue growth to be between 9% and 11%. The company previously outlined total revenue growth between 11% and 13% and organic revenue growth between 7% and 9%.
"We delivered a strong performance in the first quarter through a combination of successful delivery of our innovation-led strategy and faster than expected recovery as economies emerge from the Covid-19 pandemic," commented Chief Executive Brian Cassin.
Growth has continued in North America, which accounts for almost two thirds of total revenue. Customers have resumed acquisition activity in its business-to-business offering in the region, compared with very low levels in the pandemic-impacted 2020. Revenue growth was 26% and Experian's free memberships reached 44 million across the continent.
The UK and Ireland business has now "returned firmly to growth", with first quarter revenue up 35% year-on-year.
Shares were up 5.6% at 3,144.00 pence in London early Thursday morning.
Experian will release results for the first half on November 17.
By Will Paige; willpaige@alliancenews.com
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Experian (EXPN)